Marigold Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary...

50.1K

Verified Solution

Question

Accounting

imageimage

Marigold Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January 1, 2020 $2.770,000 1,920,000 1,700,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions December 31, 2020 2021 $3.613,300 $4,158,364 2,446,000 2,887,000 2.889.000 3,770,000 197,000 (24,000) 9 % 8 % 10 % 10 % 1,019,000 592,100 0 The average remaining service life per employee is 10.5 years. The service cost component of net periodic pension expense for employee services rendered amounted to $397,000 in 2020 and $477,000 in 2021. The accumulated OCI (PSC) on January 1, 2020, was $1,480,500. No benefits have been paid. employee services rendered amounted to $397,000 in 2020 and $477,000 in 2021. The accumulated OCI (PSC) on January 1, 2020, was $1,480,500. No benefits have been paid. (a) Compute the amount of accumulated OCI (PSC) to be amortized as a component of net periodic pension expense for each of the years 2020 and 2021. Amount of accumulated OCI (PSC) to be amortized for the year 2020 $ S Amount of accumulated OCI (PSC) to be amortized for the year 2021 $ S

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students